Elliott Wave Analysis: XLMBTC + ADABTC With Corrective Patterns
Hello Crypto traders!
Today we will talk about XXX/BTC cross pairs in the Crypto market as we see interesting developments.
In the previous articles we shared ETHBTC cross pair and BTC.Dominance chart which we potentially see them approaching key and strong target levels.
In this article we want to show you another two examples of XLMBTC + ADABTC and why BTC may start dominating soon.
Well, if we take a look on XLMBTC, we can see mostly sideways price action and corrective wave structure since January and more and more looks like a bearish triangle formation, which is a corrective and continuation pattern that can send the price back to 0.0000035 lows, while it's beneath 0.000013 invalidation level.
Even ADABTC has a corrective wave structure since March. Just like XLMBTC, it can be also finishing an a-b-c correction, it's just different type of a correction called flag pattern, so here as well we can expect another reversal down back below 0.00001750 previous lows, while it's beneath 0.000032 invalidation level.
All that being said, be aware of a return of BTC.Dominance that can cause even more downside pressure for XXX/BTC cross pairs soon.
If you like what we do, then please like and share our idea!
Be humble and trade smart!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Today we will talk about XXX/BTC cross pairs in the Crypto market as we see interesting developments.
In the previous articles we shared ETHBTC cross pair and BTC.Dominance chart which we potentially see them approaching key and strong target levels.
In this article we want to show you another two examples of XLMBTC + ADABTC and why BTC may start dominating soon.
Well, if we take a look on XLMBTC, we can see mostly sideways price action and corrective wave structure since January and more and more looks like a bearish triangle formation, which is a corrective and continuation pattern that can send the price back to 0.0000035 lows, while it's beneath 0.000013 invalidation level.
Even ADABTC has a corrective wave structure since March. Just like XLMBTC, it can be also finishing an a-b-c correction, it's just different type of a correction called flag pattern, so here as well we can expect another reversal down back below 0.00001750 previous lows, while it's beneath 0.000032 invalidation level.
All that being said, be aware of a return of BTC.Dominance that can cause even more downside pressure for XXX/BTC cross pairs soon.
If you like what we do, then please like and share our idea!
Be humble and trade smart!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Comment:
Even EOSBTC is pointing lower as we see an finished five-wave decline.
